Increasing number of multinational companies at annual event is the fruit of opening up. Zheng Yiran reports
THE sixth China International Import Expo in Shanghai has grown into a showcase for the country's opening-up policy, with multinational corporations using the world-class platform to reinforce their commitment to the world's second-largest economy.
At the sixth edition of the event, from November 5 to 10, tentative deals for purchases of goods and services with a total value of US$78.4 billion were reached, a record high, said Sun Chenghai, deputy director-general of the CIIE Bureau. The value of the deals was 6.7 per cent higher than that of last year.
This year's exhibition space set a record, 367,000 square metres. A total of 3,486 companies from 128 countries and regions took part, and 11 countries were present for the first time, including Bahrain, Honduras and Zimbabwe. Up to 289 global Fortune 500 companies and industry leaders were present, also a record high.
About 200 companies have signed up for the seventh CIIE to be held in November next year, with total booked exhibition area exceeding 100,000 square metres.
Anu Rathninde, president for the Asia-Pacific region at Johnson Controls, a smart technology provider and a six-time participant, said the expo bridges China and world markets.
Johnson Controls and the expo are like "old friends, always with a sense of fresh excitement", Rathninde said. "For me, the CIIE is a great platform to better understand ourselves and the Chinese market. I saw the openness and diversity of the CIIE, where advanced thoughts, great ideas, local manufacturing and innovative technologies from China and abroad collide to create infinite possibilities."
Zespri of New Zealand, the world's largest marketer of kiwifruit, said it sees the expo as a great opportunity to connect with many new customers and Chinese fruit industry companies.
"The CIIE provides Zespri with a great platform for our senior executives to visit the market, to get together with our key customers and other industry partners, and to share in the latest trends and developments coming out of New Zealand," said Daniel Mathieson, the company's chief executive.
"We've found the conversations and willingness to engage on important issues really encouraging and worthwhile."
The French luxury goods company LVMH said the expo is one of the most anticipated annual events for the company in China.
"We see the CIIE as an important opportunity to intensify the company's relationship with China and Chinese consumers," said Ludovic Watine-Arnault, LVMH's chief of delegation for this year's expo.
"As a powerful symbol of openness and international cooperation, the expo offers us an unrivalled platform to showcase the richness and exclusivity of our products, while aligning our ambitions with the Chinese authorities' vision of opening up the domestic market."
Masahiko Uotani, chairman and chief executive of the Shiseido Group of Japan, said: "This year the global economy is returning to growth in an uncertain environment. As a fast-growing economy and an important engine for global growth, China demonstrates the magnificent scale and potential of its economy and consumption, directly benefitting many multinational companies."
Going forward, Shiseido will deepen its presence in the market, promote local innovation and share opportunities with its partners, Uotani said.
More multinational companies are expected to follow suit, more so because the Chinese government announced on Oct 18 that it "will remove all restrictions on foreign investment access in the manufacturing sector", creating a better business climate overall.
Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said the Oct 18 announcement, and the expo's success, clearly indicate that China's reform and opening-up policy will open the doors to foreign investors wider.
In the next step China is likely to further improve its business environment, stabilising market expectations, offering foreign companies more opportunities to innovate, helping them to strengthen collaboration with local companies, and consolidating supply chains, he said.
Shi Jing contributed to this story.